Happy Graduation! Now..uh...good luck?

May 24, 2010 at 1:08 PM

By Bonnie Kristian

Mish Shedlock reports that job prospects for last year's grads are about to get worse as 2010 graduates join the growing pool of unemployed young people:

The 2009 college graduates still without a job are in deep trouble as a wave of 2010 grads is on the way....“More so in the last year to 18 months than at any time, we have seen applicants from prior graduating classes looking for the kind of entry-level jobs we’re recruiting for,” said Dan Black, director of campus recruiting for Ernst & Young LLP, a professional-services firm headquartered in New York. “There are a lot more cohorts competing with each other: ‘09 with ‘10, probably ‘10 with ‘11.”

Unemployment among people under 25 years old was 19.6 percent in April, the highest level since the Labor Department began tracking the data in 1948.

I've been fortunate enough to remain employed since I graduated last May, but a number of people I know from college are still working part time jobs and/or living at home. 19.6% is a scary figure, especially as the unemployment rate seems to show little sign of improvement. Not surprisingly, the administration's proposals to fix the situation don't sound promising: The president "wants to fight this with more college grants as if sending more people to college is a cure for a glut of grads without job prospects." Yeah, that totally makes sense...

Cross-posted here.

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This administration is cracking down on businesses that give unpaid internships to willing college students. Their rational is that college students who are eager to get on-the-job training are allowing themselves to be exploited by greedy businesses. As if preventing college students from getting job experience is supposed to improve their prospects for finding a job after graduation.

Submitted by Nicholas Davies on May 24, 2010.

My sister is an absolutely brilliant individual. She graduated last year and she can not even find legitimate work. She's underemployed and every place with full time salaried work she's got an interview and the interviewer always asks, "How come you aren't hired yet? You are like the perfect candidate. You just don't have enough experience." By now she's pulling her hair out... She's this close to going to law school or getting her PHD. I don't see why even Houston of all places has employment problems.

Submitted by Cody London on May 24, 2010.

unemployment is 4.9% in Omaha, it peaked out at 5.0% a couple of months ago

Submitted by Nicholas Davies on May 24, 2010.

Doesnt this make you wonder why classes in enterpenuership are not offered even in the general course options? I didnt even know my college, Penn State, offered a entrepeunership major until my last year. Dont you think that if more people were starting businesses there would be less unemployment?

I was fortunate going into college that I learned in my first year I didnt want to have a job like everybody else. So I changed my majors and went to Hotel and Restuarant management. Left in my fifth year to come back to the family business. I guess you could say I'm a lucky one. I had offers to go manage elsewhere when I graduated, but really then I would never be the owner of those restuarants.

Submitted by Alex L (not verified) on May 24, 2010.

Thanks for bringing this up, Bonnie. It is a very critical issue. I know some people who graduated last year and still can't find jobs, so now they are deciding to either go to a professional school or get a Masters.